A Shift in Focus Brings in New High-Net Worth Business

A Texas wealth advisor always had a “preparing wealth for heirs” focus in his practice, but since he has added “preparing heirs for wealth” to the advice he gives clients, his high-net worth business has grown. Learn how he did it.

For 35 years, Kevin had built a successful business by focusing on providing clients with excellent money management that included preparing the assets for eventual transfer to the heirs. Earlier this year, Kevin attended a firm-sponsored meeting where a speaker from the Institute for Preparing Heirs talked about the opportunities for advisors to become a new resource to high-net worth families as their Trusted Family Advisor® and what that involved. The speaker explained why looking beyond the money when delivering wealth transfer advice is the new differentiator in wealth management.

After attending the meeting, Kevin shared the following story:

A few days after attending the Institute for Preparing Heirs presentation, I met with a new client, a man with $20 million in assets. The client said, “You need to meet my wife in case I’m not around.” Based upon what I heard in the Institute’s presentation, I told the client that I also needed to meet his children. The client said that wasn’t necessary because everything was in place regarding his estate and his kids. I used the following line from the presentation: “Your estate may be in place but are your heirs prepared?” The client replied, “I don’t know. I’ve never thought about it that way.” Our conversation took on an entirely new meaning! 

Encouraged by his client’s response, Kevin sought to further his generational wealth transfer training by attending the Institute’s two-day advisor workshop. Here, advisors learn about the impact of family dynamics on successful wealth transfer, and are exposed to new research and new thinking on the changing expectations of high-net worth families (and what families want from their trusted advisors). Advisors also learn to use new wealth transfer strategies and tools to grow their high-net worth businesses by helping multigenerational families prepare for a successful wealth transfer, beyond the money. 

Following the Institute’s workshop, Kevin met with his staff who shared his enthusiasm for the preparing heirs topic and tools. He assigned two client-acquisition staff to implement a plan to integrate the new content and tools into the practice. Actions taken include:

• Sending an announcement to current clients about the importance of preparing the entire family for wealth, beyond the money
• Ordering books on the topic to offer clients to create awareness
• Updating their marketing material and website to add the preparing heirs topic
• Introducing the topic to his centers of influence. As a result, they co-hosted a seminar on the topic for high-net worth clients and prospects
• Scheduling a meeting with select client families to introduce the topic and offer tools
• Identifying a local family wealth-transition coach/consultant to work with clients who requested further assistance

Although it’s still early in the implementation process, by adopting the Institute’s training and tools, Kevin anticipates closing more than $100MM in new high-net worth business by year-end. 

Find out more about the Institute’s advisor workshops.